THE Securities and Exchange Commission (SEC) has warned the public against Easy Agent Operation/EAO Walmart, which it said has been soliciting investments without registration or a license.
In an advisory issued on Wednesday, the corporate regulator said the group has been offering a fake part-time job and investment scheme disguised as a “tasking and recharging” platform.
The group entices users with promises of high income for minimal effort, claiming they can earn by completing simple online tasks. In reality, the regulator said, users are tricked into depositing money before they can withdraw any earnings and are pressured to “recharge” or invest more funds through third-party payment apps — with no actual returns.
“At first glance, it would seem that Easy Agent Operation/EAO Walmart was actually offering a legitimate part-time job on a work-from-home basis,” the SEC said. “But in reality, there is no part-time job at all.”
An investigation by the commission’s Enforcement and Investor Protection Department found that participants are required to make an initial deposit of at least P500 before they can withdraw, with a 15% withdrawal fee.
The SEC said such arrangements constitute an investment contract, which under the Securities Regulation Code must be registered with and approved by the regulator.
It added that Easy Agent Operation/EAO Walmart is not registered as a corporation or partnership and does not have a license to solicit investments.
BusinessWorld could not find public contact details of the company. — Alexandria Grace C. Magno
